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Term Life policies are there to protect for a set period of time, and typically cover larger expenses like a mortgage balance, loss of primary or secondary income, or future college expenses that may not be achievable on a single income. Globe Life offers multiple term policies that will help make sure your family is protected in case the worst happens. Read below for more information on the types of term policies we offer.
Our 10 R&C product is coverage for 10 years. During those 10 years, you can choose to convert all or some of the policy to a Whole Life product or renew it without the need for a medical exam. New renewal pricing will be based on your new age at renewal.
This term policy will be in effect as long as premiums are paid for 20 years. If possible, you may be able to renew the policy at expiration, but it may also necessitate the need for a medical exam depending on how much coverage you are requesting and your health status at the time.
T65 is a term policy that expires at age 65. Globe does not issue term policies after age 65, so this would represent the end of term level coverage.
Our Mortgage Protection pays off the balance of your mortgage in the event of a tragedy. It is called a declining term policy because the coverage amount declines with your mortgage balance over the term of your mortgage. It is possible to convert this policy to a Whole Life policy over the term of the protection.
Whole Life Policies are sometimes called Final Expense policies because they are often smaller policies that would cover funeral expenses in the event of a tragedy, so the family does not need to go out of pocket or use a credit card. Whole Life policies do not ever expire like term policies, and their premium costs never rise over the life of the policy. They also build cash value. Whole life helps assure that your family has what they need financially to pay for the funeral costs.
Our Accidental Death Benefit rider is one of our most affordable policies. It is a good strategy to add some accident coverage to a policy to either a Term or Whole Life policy given it's very low-cost vs coverage. With the Accident policy, your coverage amount multiplies based on the type of accident you were involved in, ie ... normal accident, car accident, plane accident. Accident Policies only pay in the event of an accident.